Opec cut throws wrench into record oil short-selling streak

Posted - December 13 201806:23

Share:

Opec cut throws wrench into record oil short-selling streak

World Oil production is just over 100 million barrels per day, so this is a 1.2% global cut.

The Organization of Petroleum Exporting Countries is seeking firmer ties with non-Opec suppliers regarding the management of oil output as the global market continues to see prices crashing that, in the Philippines, has sent pump prices down for eight straight weeks so far.

As Al-Falih is surely aware, the US this month briefly became a net exporter of oil for the first time in seven decades, with August production rising at the fastest rate in a century. "I know for a fact that oil and gas producers in the USA are probably breathing a sigh of relief that we're providing some certainty and visibility for 2019".

Mazrouei, who is also the United Arab Emirates' minister of energy and industry, said the agreement had been a success and shown "positive progress on removing the inventory overhang". In New York last night Brent was... First because apparently Russian Federation was expecting the Saudis to shoulder all the cuts alone in exchange for their support, and secondly Iran, whose crude exports have been depleted by USA sanctions, objected to bear any cuts.

OPEC Kingpin Saudi Arabia, meanwhile, has to bear in mind pressure from the U.S. after President Donald Trump demanded in a tweet on Wednesday that the cartel boost output so as to lower prices and help the economy.

OPEC announced Friday that it will reduce overall production among its members by 800,000 barrels a day from October's levels for six months, beginning in January. Saudi Arabia had previously said a 1 million barrel-a-day cut was the likely scenario.

Crude futures fell sharply during the previous session, after OPEC was unable to agree on the terms of crude output cuts. In November, shortly after he was criticized for not punishing Saudi Arabia for the murder of Washington Post columnist Jamal Khashoggi, Trump tweeted out his thanks to the Saudis for lower gas prices that were "l$3 ike a big Tax Cut for America and the World".

While Saudi Arabia is still the largest oil producer inside OPEC, its influence over the global oil market has shrunk as the United States and Russian Federation are pumping oil at record levels.

Economic Affairs Minister Datuk Seri Azmin Ali said Malaysia's reduced output was in line with its commitment to worldwide cooperation to face economic challenges posed by the global oil market.

"The Conference discussed the increasing market volatility and the broad consensus on the prospects for 2019 that suggests higher supply growth than global requirements, taking into account prevailing uncertainties", said the OPEC press release.

"Low prices are actually not good for the USA economy, " Al-Falih said, a riposte to Trump's repeated calls for OPEC to open the taps.

After Tuesday's "mammoth drop from the API, this morning's EIA report has yielded a much more modest draw", said Matt Smith, director of commodity research at ClipperData.

Related news

Pujara closed his till at Adelaide Oval with 194 runs to his name, pairing a first innings 123 with a second innings 71. And Lyon says Australia's bid for a record-breaking run chase to win an Adelaide Test could barely be in better hands.

But some residents, like 30-year-old Issac Lipman, expressed anger that the IDF was only addressing the tunnel problem now. By the time the IDF's operation is over, Hezbollah's attack tunnels "will no longer exist", the prime minister vowed.

Unlike in Bladen County, Democrat Dan McCready won more of the absentee vote in Robeson County than Republican Mark Harris did. The State Board of Elections is investigating whether Dowless had a role in manipulating or even handling absentee ballots.

Still, the Senate voted 63-37 to discharge the Yemen resolution from the Foreign Relations committee for consideration last week. Richard Durbin, an Illinois Democrat, said in a statement that "every Senator should hear what I heard this afternoon".

Tehran often blames the United States, Saudi Arabia and Israel for backing groups to destabilize Iran, something its rivals deny. Images posted online showed thick smoke rising from the sky in the area where the incident took place.

"I think my knee brace just grabbed it and it just got dug into the wrong spot", Brady told WEEI's "Mut and Callahan" on Monday . The Chiefs defence forced a turnover but Harrison Butker missed from 43 yards with a potential game-winning field goal.

He said he has even written Meghan's mom, Doria Ragland about their daughter's silence, but did not mention a response from her. The first was not adequately reaching out to "loose cannon" members of the family and "bringing them into the fold".

Perhaps even more impactful, all Google+ APIs are scheduled to be completely shut down within the next 90 days. Originally expected to shut down in August 2019, the service will now shut down in April 2019 instead.

When these payments were first reported earlier this year, Trump denied that he had known of them at the time . The brief states that Cohen acted at Trump's behest in violation of US campaign finance laws.

Award-winning Indian singers and composers Amit Trivedi and Shankar Mahadevan will also belt out their chartbusters. The source declined to say how much Beyonce was being paid for the concert and media have not reported a figure.

Almost 1,000 people arrested during violent protests in Paris
Some protesters sang the French national anthem - "The Marseillaise" - as they confronted phalanxes of police in heavy riot gear. French authorities deployed 8,000 security officers in the capital alone, among the 89,000 who fanned out around the country.

Heather Nauert tipped for US UN post
However, Ms Haley insists she remains supportive of Trump and will back his reelection campaign in 2020. If successful Ms Nauert will replace Nikki Haley who announced her resignation at the end of October.

National Hockey League approves Seattle expansion franchise
The NHL Board of Governors voted unanimously to approve Seattle as the 32nd NHL franchise for the 2021-22 season on Tuesday. According to Station Index, Seattle is the U.S.' 14th largest TV market, and it's the largest city without a winter sport.